My husband has a 401k plan with a company that he was layoff from about 5 years ago. We just left it there and did nothing with it primarily out of fear as to what to do. We are now thing of rolling the funds over to a Fidelity IRA. He is 59 and just lost a high paying job. Possibilities look grimm for immediate employment. We wanted to take a lump sum of about 64k to pay off some debt to help us get through this time. I have a job not high paying but might be able to cover mortgage and living expenses if we were able to eliminate some other expenses. Is there any penalties involved? Also would it be wise to maybe pay off the mortgage instead to help us out. He 59, me 57 mortgage 165k plus 58k debt. We are trying to exist for the next year on only one income mine. Thank you in advance Joliett
Joliett
of CA
@
Feb 02, 2009 14:46:03 PM
rollover to a swiss bank
Can a 401(k) be rolled over into a swiss account?
Perry Cross
of CA
@
Nov 25, 2008 10:50:42 AM
Rules on 401(k) Roll Overs
Do you have to be retired before a 401(k) plan can be rolled over into an IRA? I am older than 59-1/2.
Della Jones
of KY
@
Nov 21, 2008 12:18:09 PM
401(k) transfers
Larry,
The only way to transfer your wife's 401(k) to you is if she dies. My guess is that you want or need some cash out of there and don't want to get hosed on taxes & penalties. Here are two options that may work for you: 1. Withdrawal any company stock-it's taxed under what is known as NUA. 2. You could start taking distributions under code 72(t). I'm a Registered Investment Advisor & make understanding the tax code a big part of how I work w/ my clients. You can e-mail me at ed@graep.com.
Ed Gunnell
of IN
@
Nov 18, 2008 11:19:52 AM
Rollover 401k to IRA
Is this a good time to rollover my 401k to an IRA, given the market conditions? I am retired.
Ray Tamaru
of WA
@
Nov 06, 2008 17:55:17 PM
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수희^
of
@
Nov 05, 2008 08:18:40 AM
401K
My 53 year old unmarried brother in law passed away with a $168,0000. 401K. He had no children so everything in his estate goes to his 93 year old Mother. Can she roll over the 401K to an Ira or will she have to cash it in because of her age? They both lived or live in California.
Thank You
Daphne Morris
of CA
@
Oct 26, 2008 01:49:27 AM
401K Roll Over
If I rollover my company 401K to an IRA can I still maintain and contribute to my company 401K and keep getting my match?
Michael O'Connell
of MA
@
Oct 17, 2008 17:22:26 PM
401k transfers
my wife is 46 and not working. can she transfer her 401k to her husband(me) who is 60 without any tax penalty. then can i liquidate?
larry gillis
of CT
@
Oct 15, 2008 10:28:32 AM
Re: 401k
Tim,
Your 401k is in your name only. You do not need your wife's consent to transfer the the money over to another plan. If you would like to talk more about it you should contact me aaron_burroughs at ml.com.
Aaron Burroughs Jr
of NJ
@
Oct 13, 2008 15:23:30 PM
Joliett of CA @ Feb 02, 2009 14:46:03 PM
Perry Cross of CA @ Nov 25, 2008 10:50:42 AM
Della Jones of KY @ Nov 21, 2008 12:18:09 PM
Ed Gunnell of IN @ Nov 18, 2008 11:19:52 AM
Ray Tamaru of WA @ Nov 06, 2008 17:55:17 PM
수희^ of @ Nov 05, 2008 08:18:40 AM
Daphne Morris of CA @ Oct 26, 2008 01:49:27 AM
Michael O'Connell of MA @ Oct 17, 2008 17:22:26 PM
larry gillis of CT @ Oct 15, 2008 10:28:32 AM
Aaron Burroughs Jr of NJ @ Oct 13, 2008 15:23:30 PM
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